$503m loan

The Fijian Parliament in session on Tuesday, April, 5, 2022. Picture: PARLIAMENT OF FIJI

Government will borrow $503 million in the 2022-2023 financial year, the Ministry of Economy’s Annual Borrowing Plan report released on Monday says.

The report says Government will receive $118.1 million by September 2022 for its Sustainable and Resilient Recovery Program from the Asian Infrastructure Investment Bank (AIIB).

And between October 2022 and January 2023, Government will receive $177.1 million through “newly proposed bilateral financing”, the details of which are not included in the report.

The report said the European Investment Bank (EIB) will give $940,000 and the Asian Development Bank (ADB) will provide direct payments of $12.4 million for the Urban Water Supply and Wastewater Management Investment Program in March 2023.

The ADB will also give $113.8 million and The International Bank for Reconstruction and Development will provide $48.8 million for Fiji’s Transport Infrastructure Investment Sector Project when a request is made.

In addition, the International Development Association (IDA) will provide a loan of $8.7 million for Fiji’s COVID-19 Emergency Response Project.

The IDA will also give an additional $14.7 million for the Fiji Social Protection COVID-19 Response and System Development Project.

“The Government of Fiji, through the Ministry of Economy, holds the legal mandate to borrow funds required to fund the budget deficit and any standing or other appropriations,” the report said.

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